The Zurich-headquartered fintech group has shaken on deal that makes its business process outsourcing subsidiary fully independent.

Avaloq, the financial technology and service provider for wealth management, is acquiring the remaining stake in its German business process outsourcing subsidiary, making it the sole owner.

The group acquired Quirin Bank's minority interest in Avaloq Sourcing (Deutschland). The deal, details of which were not disclosed, will see Avaloq Sourcing (Deutschland) act as a fully independent BPO provider for the German financial industry from its offices in Berlin and Leipzig.

The acquisition comes more than two years on from Avaloq's purchase of Quirin Bank's BPO activities. Following the completion of the latest transaction, Quirin Bank will remain the banking partner and a customer of Avaloq Sourcing (Deutschland).

The Avaloq Banking Suite includes a business platform for private banks, as well as securities settlement and payment handling.

“With the complete takeover of the BPO centre, which already manages almost 30 billion euros of assets of the customer banks, we reaffirm our commitment in Germany,” said Avaloq's chief executive, Francisco Fernandez.

“With the Avaloq Banking Suite, we offer a broadly scalable solution that we also operate in our other BPO centres in Switzerland and Singapore. Our banking software is used to process $3,900 billion every single day, of which $280 billion is already handled by our own BPO centres.”

Earlier this year, Avaloq announced that Canaccord Genuity Wealth Management in the UK and offshore locations had transitioned to its integrated modular software solution that supports back-, middle- and front-office functions.